X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WESTERVILLE, OH-Realty Investment Co. is trying to unload its Ohio multifamily properties, and has offered two apartment complexes for about $46 million. Remington Station Apartments, based here, has 344 units, and Polo Club Apartments, in Strongsville, OH, has 336 units.

The Baltimore-based Realty Investment mostly deals with seniors housing and hotels, including an ownership in Choice Hotels, says Matthew Brown, a senior associate for Marcus & Millichap. “These properties just don’t really fit well with that they do,” Brown tells GlobeSt.com.

Remington, which is 93% occupied, is in a northeast Columbus suburb. The property was built in 1987 on 37 acres overlooking Little Turtle Golf Club, and has amenities such as garages, a fitness center, pool and tennis courts. The units range in size from 1,280 sf to 1,920 sf, with an average size of 1,399 sf. The property is offered for $24 million, at a cap rate of 7.2%, Brown says. Rents range from $850 to $1,204 per month.

Polo Club, which is 98% leased, is in a southwest Cleveland suburb. The property was built in 1990, and has amenities such as wood fireplaces, a fitness center, pool and a lake. The size of the units range from 750 sf to 1,148 sf, with an average size of 925 sf. The complex is offered for $21.8 million, at a 7.25% cap rate, says Brown. Rents range from $700 to $885.

Both properties are in good locations and well maintained, he says. Polo had $1 million in improvements in the past five years, and Remington had $1.3 million in updates during the same timeframe.

Brown says the overall Ohio apartment market is doing very well. “The fundamentals are solid,” he says. “We’re seeing concessions burn off, increased occupancy and more upside in NOI. Also, another key factor is there’s not much new construction. For example, there was less than 200 units built in Columbus in 2007, and we’re looking at 500 going up this year.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.